House sales hit highest point in almost six years

The number of homes sold per chartered surveyor reached its highest point since March 2008 last month, according to December’s RICS Residential Market Survey.

Over the festive period, the average number of transactions per surveyor reached 21.3 – more than double the lowest point of the downturn back in January 2009, when respondents were selling 9.8.

Meanwhile, prices continue to rise across the country. During December, a net balance of 56% more chartered surveyors reported growing prices. Every area of the UK saw prices increase, with London and the South East experiencing the biggest jumps.

“The housing market is starting to thrive once more,” said Peter Bolton King, RICS global residential director. “Sales are at their highest level in almost six years and this is being reflected right across the UK. Growing availability of affordable mortgages has released some pent-up demand from a market that, in recent years, has seen many viable buyers unable to enter the market.

“On the face of it, this seems like good news, but unless we see a marked increase in the number of homes coming up for sale we could well be looking at a price rises becoming unsustainable in some areas.”